+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)
New

Refrigerated Transport Market, Global Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis

  • PDF Icon

    Report

  • 145 Pages
  • January 2023
  • Region: Global
  • Renub Research
  • ID: 5715828

Worldwide Reefer Transport Market was at US$ 17.86 Billion in 2022

Refrigerated Transport Market will reach US$ 25.88 Billion in 2028, according to the publisher. Refrigerated transport is an essential link in new supply chains. Refrigerated transportation (or reefer freight) is a shipping method requiring special, temperature-controlled vehicles. The vehicle transporting the shipped products has a built-in refrigeration system that keeps products at a desired temperature throughout the transportation process.

The use of refrigerator transport is to ship perishable goods like fruits, vegetables, frozen foods, and other chemicals that are temperature sensitive. The high prevalence of various foodborne diseases and disorders, such as abdominal pain, vomiting, and diarrhea, are expected to propel the demand for refrigerated transport for food distribution globally to maintain the safety of food products.

According to the World Health Organization (WHO), consuming contaminated food can cause over 200 diseases ranging from diarrhea to cancer. Moreover, foodborne illnesses are one of the leading causes of death at the global level, which adds to the demand for reefer transport. According to this research report, Worldwide Reefer Transport Market was at US$ 17.86 Billion in 2022.

Refrigerated Transport Industry to expand at a CAGR of 6.37% from 2023 to 2028

The high demand for home delivery services and growth in the food service and food processing sectors will add to the surge of the market for Refrigerated transport in the upcoming period. The advancements in refrigerated transport technology have improved food safety and reduced food waste, energy usage, and a low environmental influence.

Moreover, refrigerated vehicle manufacturers are operating on designing technologies to minimize their ecological effects, such as carbon footprint and noise pollution. An increasing number of refrigerated warehouses and growth in the pharmaceutical sector will drive the industry's development. In addition, the rise in the processed food sector will boost the industry's growth.

Chilled Food Market is expected to register a High Growth Rate

Global Reefer Transport Market by product is segmented into Chilled Food and Frozen Food. Chilled food provides convenience and facilitates high-speed cooking, which is a significant factor empowering the growth of the global chilled processed food market. In addition, the disposable incomes of consumers, accompanied by the ever-increasing population, have led to an increased demand for chilled processed food which significantly boosts the rapid growth of the chilled processed food market.

Furthermore, chilled processed foods impart consumer satisfaction by keeping up the desired quality and standards of food. The above is another remarkable factor anticipated to open new market space for the global chilled processed food market. However, the expensive cooling system cost is affecting the growth of the global chilled processed food market.

Sea Mode of Transport is Predicted to grow due to the Availability of Low-Cost

The Global Reefer Transport Market is categorized into Road, Sea, and Air based on Transport Mode. Sea is to be the fastest-growing among various modes of transportation for refrigerated transport due to the low cost associated with ocean shipments. Being an affordable and efficient overseas mode of shipment, the transport method mentioned above has vast scope for future growth.

However, the road transport mode has supremacy over the market share. This mode is measured to be less expensive and preferably by transporter to export various consumable goods from a very long distance. Moreover, the road transport segment may provide several benefits like door-to-door service, flexibility, and employment, and also useful for short distances, which is a critical factor for fueling the market's growth. It also has fewer wealth expenditures and a lesser risk of mutilation while moving from one place to another.

Eutectic Device Market Share is expected to witness a surge in the Coming Years

By Technology, the Global Reefer Transport Market can be divided into Air Blown Evaporators, Eutectic Devices, and Vapor Compressor Systems. A eutectic device is suitable for short transportation, where there are regular stops and door openings during distribution; road transport vehicles use it. It consists of hollow tubes, beams, or plates filled with a eutectic solution.

This solution stores energy and produces a cooling effect when it is necessary to maintain the refrigerated temperature. As eutectic solutions can store energy, there is no need for fuel or energy to charge the eutectic device at the delivery time. The factors mentioned above are propelling the growth of the eutectic device market.

Fish, Meat, and Seafood will hold the dominant Market Share in Reefer Transport Industry Worldwide

Global Reefer Transport, based on end-user, is divided into; Fruits & Vegetables, Fruit pulp & Concentrates, Dairy Products, Fish, Meat & Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionary, and others. Dairy Products are an attractive segment for the future, as milk is one of the most commonly consumed items globally, and refrigeration is necessary to manufacture, maintain uniformity, prevent spoilage, and preserve the product.

Fish, seafood, and Meat have a shorter lifespan if not stored at a suitable temperature. Therefore, the products, as mentioned earlier, are frozen till the time of use. Blast freezing can freeze vast amounts of fresh fish, Meat, and seafood, increasing freshness and product shelf life.

Asia-Pacific Region is Projected to have a Surging Growth rate in the Coming Years

There was division and underfunding in the Asia Pacific refrigerated transport market about a decade ago. However, the industrial revolution in the region developed in a rise in population with busier lifestyles sloped towards convenience food products with an expanded shelf-life, thereby propelling the use of refrigerated transport in the food industry.

Various emerging economies are attempting to facilitate improvements in refrigerated transport through regulations and subsidies. For instance, the government is providing the Reefer Vehicles Scheme under India's National Mission on Food Processing (NMFP). The scheme points to providing financial assistance to purchase standalone reefer vehicles and mobile pre-cooling vans (reefer unit and reefer cabinet permanently mounted on the truck) to transport perishable commodities.

However, Europe comprised the highest market share due to augmenting global trade and a robust economic environment predominantly driving the market in the region. In addition, an increase in demand for frozen food and the online retail market hold growth opportunities for the key players during the forecast period. Furthermore, the rise in imports of perishable commodities such as vegetables and fruits in the region is another major factor contributing to the demand for refrigerated warehousing. Moreover, the advanced packaging system has improved the shelf life of food products.

COVID-19 Impact on Refrigerated Transport Industry

The COVID-19 pandemic has had a consequential effect on the refrigerated transport business. The market for the product has undergone rigorous shocks across various end-use markets, global supply chains were disconcerting, and the competing rank of manufacturers or producers has testified to a change. The deficiency of demand has fast-tracked the global chilled and frozen food sector into an oversupply state. Transportation constraints are a direct and immediate effect, and once the critical social distancing ends, things returned to normal conditions.

However, post-lockdown, it has been observed that governments worldwide have eased covid restrictions, resulting in a positive impact on refrigerated transport. Therefore, we expect that the industry to grow significantly in the upcoming years.

Key Players Analysis:

Some key players competing in the global market are General Mills, CONAGRA BRANDS, Kraft Heinz, Associated British Foods Plc., Knight-Swift Transportation, Daikin Industries, Krone Commercial Vehicle Group, and FedEx Corporation.

In March 2021, Carrier Transicold accelerated and advanced its electrification proficiency through a new strategic partnership with Portuguese technology Company AddVoltopen_innew. The agreement enabled Carrier to broadly utilize AddVolt's proven, engine-agnostic Technology to develop innovative sustainable transport refrigeration solutions for European customers.

The report titled “Refrigerated Transport Market Global Forecast by Product (Chilled, Frozen), Mode of Transport (Road, Sea, Air), Technology (Air Blown Evaporators, Eutectic Devices, and Vapor Compressor Systems) End Users (Fruits & Vegetable, Fruit Pulp & Concentrates, Dairy Products, Fish, Meat and Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionary, Others), Region (North America, Europe, Asia Pacific, and Rest of the World), Company Analysis (General Mills, CONAGRA BRANDS, Kraft Heinz, Associated British Foods Plc., Knight-Swift Transportation, Daikin Industries, Krone Commercial Vehicle Group, and FedEx Corporation.)' provides a detailed analysis of Worldwide Reefer Transport Industry.

Products - Market breakup from 2 Viewpoints:

1. Chilled
2. Frozen

Mode of Transport - Market breakup from 3 Viewpoints:

1. Road Transport
2. Sea Transport
3. Air Transport

Technology - Market breakup from 3 viewpoints:

1. Air Blown Evaporators
2. Eutectic Devices
3. Vapor Compressor Systems

End Users - Market breakup of 8 Sectors

1. Fruits & Vegetable
2. Fruit pulp & Concentrates
3. Dairy Products
4. Fish, Meat and Seafood
5. Processed Food
6. Pharmaceuticals
7. Bakery & Confectionary
8. Others

Region - Market breakup of 5 Regions

1. North America
2. Europe
3. Asia Pacific
4. Rest of the world

Company have been covered from 3 Viewpoints:

  • Overview
  • Recent Development
  • Revenue

Company Analysis:

1. General Mills
2. CONAGRA BRANDS
3. Kraft Heinz
4. Associated British Foods Plc.
5. Knight-Swift Transportation
6. Daikin Industries
7. Krone Commercial Vehicle Group
8. FedEx Corporation
Frequently Asked Questions about the Refrigerated Transport Market

What is the estimated value of the Refrigerated Transport Market?

The Refrigerated Transport Market was estimated to be valued at $17.87 Billion in 2022.

What is the growth rate of the Refrigerated Transport Market?

The growth rate of the Refrigerated Transport Market is 6.3%, with an estimated value of $25.88 Billion by 2028.

What is the forecasted size of the Refrigerated Transport Market?

The Refrigerated Transport Market is estimated to be worth $25.88 Billion by 2028.

Who are the key companies in the Refrigerated Transport Market?

Key companies in the Refrigerated Transport Market include General Mills, CONAGRA BRANDS, Kraft Heinz, Associated British Foods Plc., Knight, Swift Transportation, Daikin Industries and FedEx Corporation.

Table of Contents

1. Introduction

2. Research & Methodology

3. Executive Summary

4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges

5. Global Refrigerated Transport Market

6. Global Refrigerated Transport Market Share
6.1 By Products Type
6.2 By Regions
6.3 By End Users

7. Product Types - Global Refrigerated Transport Market
7.1 Chilled Food
7.2 Frozen Food

8. Transport Types - Global Refrigerated Transport Market
8.1 Road Transport
8.2 Sea Transport
8.3 Air Transport

9. Technology - Global Refrigerated Transport Market
9.1 Air Blown Evaporators
9.2 Eutectic Devices
9.3 Vapor Compression System

10. End User - Global Refrigerated Transport Market
10.1 Fruits & Vegetable
10.2 Fruit pulp & Concentrates
10.3 Dairy Products
10.4 Fish, Meat and Seadfood
10.5 Proccessed Food
10.6 Pharmaceuticals
10.7 Brakery & Confestionary
10.8 Others

11. Region - Global Refrigerated Transport Market
11.1 North America
11.2 Europe
11.3 Asia Pacific
11.4 Rest of World

12. Mergers and acquisitions

13. Company Analysis
13.1 General Mills
13.1.1 Overview
13.1.2 Recent Development
13.1.3 Revenue
13.2 CONAGRA BRANDS
13.2.1 Overview
13.2.2 Recent Development
13.2.3 Revenue
13.3 Kraft Heinz
13.3.1 Overview
13.3.2 Recent Development
13.3.3 Revenue
13.4 Associated British Foods plc
13.4.1 Overview
13.4.2 Recent Development
13.4.3 Revenue
13.5 Knight-Swift Transportation
13.5.1 Overview
13.5.2 Recent Development
13.5.3 Revenue
13.6 Daikin Industries
13.6.1 Overview
13.6.2 Recent Development
13.6.3 Revenue
13.7 Krone Commercial Vehicle Group
13.7.1 Overview
13.7.2 Recent Development
13.7.3 Revenue
13.8 FedEx Corporation
13.8.1 Overview
13.8.2 Recent Development
13.8.3 Revenue

List of Figures:
Figure 01: Global - Refrigerated Transport Market (Billion US$), 2018 - 2022
Figure 02: Global - Forecast for Refrigerated Transport Market (Billion US$), 2023 - 2028
Figure 03: Product Types - Chilled Food Market (Billion US$), 2018 - 2022
Figure 04: Product Types - Forecast for Chilled Food Market (Billion US$), 2023 - 2028
Figure 05: Product Types - Frozen Food Market (Billion US$), 2018 - 2022
Figure 06: Product Types - Forecast for Frozen Food Market (Billion US$), 2023 - 2028
Figure 07: Transport Types - Road Transport Market (Billion US$), 2018 - 2022
Figure 08: Transport Types - Forecast for Road Transport Market (Billion US$), 2023 - 2028
Figure 09: Transport Types - Sea Transport Market (Billion US$), 2018 - 2022
Figure 10: Transport Types - Forecast for Sea Transport Market (Billion US$), 2023 - 2028
Figure 11: Transport Types - Air Transport Market (Billion US$), 2018 - 2022
Figure 12: Transport Types - Forecast for Air Transport Market (Billion US$), 2023 - 2028
Figure 13: Technology - Air Blown Evaporators Market (Billion US$), 2018 - 2022
Figure 14: Technology - Forecast for Air Blown Evaporators Market (Billion US$), 2023 - 2028
Figure 15: Technology - Eutectic Devices Market (Billion US$), 2018 - 2022
Figure 16: Technology - Forecast for Eutectic Devices Market (Billion US$), 2023 - 2028
Figure 17: Technology - Vapor Compression System Market (Billion US$), 2018 - 2022
Figure 18: Technology - Forecast for Vapor Compression System Market (Billion US$), 2023 - 2028
Figure 19: End User - Fruits & Vegetable Market (Billion US$), 2018 - 2022
Figure 20: End User - Forecast for Fruits & Vegetable Market (Billion US$), 2023 - 2028
Figure 21: End User - Fruit pulp & Concentrates Market (Billion US$), 2018 - 2022
Figure 22: End User - Forecast for Fruit pulp & Concentrates Market (Billion US$), 2023 - 2028
Figure 23: End User - Dairy Products Market (Billion US$), 2018 - 2022
Figure 24: End User - Forecast for Dairy Products Market (Billion US$), 2023 - 2028
Figure 25: End User - Fish, Meat and Seadfood Market (Billion US$), 2018 - 2022
Figure 26: End User - Forecast for Fish, Meat and Seadfood Market (Billion US$), 2023 - 2028
Figure 27: End User - Proccessed Food Market (Billion US$), 2018 - 2022
Figure 28: End User - Forecast for Proccessed Food Market (Billion US$), 2023 - 2028
Figure 29: End User - Pharmaceuticals Market (Billion US$), 2018 - 2022
Figure 30: End User - Forecast for Pharmaceuticals Market (Billion US$), 2023 - 2028
Figure 31: End User - Brakery & Confestionary Market (Billion US$), 2018 - 2022
Figure 32: End User - Forecast for Brakery & Confestionary Market (Billion US$), 2023 - 2028
Figure 33: End User - Others Market (Billion US$), 2018 - 2022
Figure 34: End User - Forecast for Others Market (Billion US$), 2023 - 2028
Figure 35: North America - Refrigerated Transport Market (Billion US$), 2018 - 2022
Figure 36: North America - Forecast for Refrigerated Transport Market (Billion US$), 2023 - 2028
Figure 37: Europe - Refrigerated Transport Market (Billion US$), 2018 - 2022
Figure 38: Europe - Forecast for Refrigerated Transport Market (Billion US$), 2023 - 2028
Figure 39: Asia Pacific - Refrigerated Transport Market (Billion US$), 2018 - 2022
Figure 40: Asia Pacific - Forecast for Refrigerated Transport Market (Billion US$), 2023 - 2028
Figure 41: Rest of World - Refrigerated Transport Market (Billion US$), 2018 - 2022
Figure 42: Rest of World - Forecast for Refrigerated Transport Market (Billion US$), 2023 - 2028
Figure 43: General Mills - Global Revenue (Billion US$), 2018 - 2022
Figure 44: General Mills - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 45: CONAGRA BRANDS - Global Revenue (Billion US$), 2018 - 2022
Figure 46: CONAGRA BRANDS - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 47: Kraft Heinz - Global Revenue (Billion US$), 2018 - 2022
Figure 48: Kraft Heinz - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 49: Associated British Foods plc - Global Revenue (Billion US$), 2018 - 2022
Figure 50: Associated British Foods plc - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 51: Knight-Swift Transportation - Global Revenue (Billion US$), 2018 - 2022
Figure 52: Knight-Swift Transportation - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 53: Daikin Industries - Global Revenue (Billion US$), 2018 - 2022
Figure 54: Daikin Industries - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 55: Krone Commercial Vehicle Group - Global Revenue (Million US$), 2018 - 2022
Figure 56: Krone Commercial Vehicle Group - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 57: FedEx Corporation - Global Revenue (Billion US$), 2018 - 2022
Figure 58: FedEx Corporation - Forecast for Global Revenue (Billion US$), 2023 - 2028

List of Tables:
Table 01: Global - Refrigerated Transport Market Share by Product Type (Percent), 2018 - 2022
Table 02: Global - Forecast for Refrigerated Transport Market Share by Product Type (Percent), 2023 - 2028
Table 03: Global - Refrigerated Transport Market Share by End User (Percent), 2018 - 2022
Table 04: Global - Forecast for Refrigerated Transport Market Share by End User (Percent), 2023 - 2028
Table 05: Global - Refrigerated Transport Market Share by Region (Percent), 2018 - 2022
Table 06: Global - Forecast for Refrigerated Transport Market Share by Region (Percent), 2023 - 2028

Companies Mentioned

  • General Mills
  • CONAGRA BRANDS
  • Kraft Heinz
  • Associated British Foods Plc.
  • Knight-Swift Transportation
  • Daikin Industries
  • Krone Commercial Vehicle Group
  • FedEx Corporation

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

Loading
LOADING...